Zacks Investment Research upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a buy rating in a research note issued to investors on Friday morning, Zacks.com reports. Zacks Investment Research currently has $24.00 price target on the basic materials company’s stock.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
A number of other research analysts have also weighed in on the company. ValuEngine lowered Welbilt from a hold rating to a sell rating in a report on Wednesday, June 12th. MKM Partners restated a buy rating and issued a $28.00 target price (up previously from $26.00) on shares of Teck Resources in a report on Wednesday, April 24th. Raymond James restated a buy rating on shares of Teck Resources in a report on Thursday, April 4th. Macquarie assumed coverage on Lundin Mining in a report on Wednesday, July 10th. They issued a neutral rating on the stock. Finally, Barclays set a $192.00 target price on Tesla and gave the company a sell rating in a report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Teck Resources presently has an average rating of Buy and a consensus target price of $29.14.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Tuesday, April 23rd. The basic materials company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.01. Teck Resources had a return on equity of 9.59% and a net margin of 23.71%. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the company earned $1.31 earnings per share. On average, research analysts expect that Teck Resources will post 2.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.037 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend was Thursday, June 13th. Teck Resources’s payout ratio is 4.78%.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Teck Resources during the fourth quarter valued at approximately $285,156,000. BlackRock Inc. increased its position in Teck Resources by 46.0% in the fourth quarter. BlackRock Inc. now owns 6,240,453 shares of the basic materials company’s stock worth $134,420,000 after buying an additional 1,967,067 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Teck Resources by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,073,151 shares of the basic materials company’s stock worth $130,816,000 after buying an additional 26,365 shares during the last quarter. Janus Henderson Group PLC increased its position in Teck Resources by 2.6% in the first quarter. Janus Henderson Group PLC now owns 5,227,867 shares of the basic materials company’s stock worth $120,998,000 after buying an additional 131,454 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Teck Resources by 10.9% in the first quarter. Great West Life Assurance Co. Can now owns 4,649,511 shares of the basic materials company’s stock worth $107,162,000 after buying an additional 455,165 shares during the last quarter. 55.23% of the stock is owned by institutional investors.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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